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Marco Antonio Torres's Answers
Contributor Level 12
- 223 Legal Answers
- 1 Legal Guide
5
Attorney answers:
Worker compensation lump-sum settlement in CA. How is this effect chapter 7?
My colleague pointed to what are the 704 exemptions and under that exempt. Scheme the entire amount of the payment is exempt. However, more important is not how much you received but rather how much you have remaining (this is what you would generally exempt since you arguably spent some of the money). You may be better off using the 703 exemptions if the amount has diminished, you have no home equity and have other assets that wouldn't otherwise be exempt under the 704 exemptions that...
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2
Attorney answers:
Does a Deed of Trust supercede the original Promissory note and it's due date?
In as much as you are speaking about the due on sale clause then my colleague is correct as to this point. However, if you are speaking about a completely new note then the concern may be valid. California has what is called the "Security-First Rule" which requires lender collateralized by debtors to first take steps to foreclose on the collateral before attempting to recover a deficiency (and only to the extent that the method employed to foreclose was judicial, alternatively, the...
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4
Attorney answers:
What will happen to my Heloc after I get a dischaged from a chapter 7 filing
Your HELOC loan obligation will be discharged however the lien will remain recorded against your property. Practically speaking the 2nd lender will not be interested in foreclosing on your property until the value of the home exceed what is owed on the 1st loan. You could certainly attempt to negotiate the removal of the lien with the beneficiary thereby avoiding any issue when the home value does exceed the amount owed on the 1st. Unfortunately, lien stripping is not a tool that can be...
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2
Attorney answers:
Is my case easy to file?
Debt and child supports issues are without a doubt some of the most important aspects in a divorce. The simplicity of the filing should be the least of your concerns - contact a local family law attorney to discuss your options and resolve this in a manner that will provide for your child and create certainty of custody.
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3
Attorney answers:
Should I fill out a hardship application to qualify for a lesser amount from my original total which is $1400?
Release as little as possible. Creditors often ask for financial information to consider a reduction but in my view this is nothing more than a fishing expedition - often, although not always, creditors will eventually agree to a diminished amount without releasing any information. Release as little as possible - the extra $100 isn't worth it. Settle at $800 and move on.
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3
Attorney answers:
Judge told me to write my own court order appointing me successor trustee.
Contact the court clerk- they are usually very helpful and most knowledgeable about what form to use different situations. The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking...
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3
Attorney answers:
How to claim rental loss if your AGI is above $150,000
I agree with my colleagues- this advice would not appear to solve your problem because the character of the loss would not change. The loss would stem from a passive loss regardless and still be subject to the limitations. One thing to bear in mind- the unused losses will be available when you dispose of the asset irrespective of the passive loss rules - which may be highly beneficial to you since the adjusted tax basis is decreasing yearly as a result of depreciation. You might also...
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2
Attorney answers:
Husbands hiding his annuity and retirement info.,
You should contact a local divorce attorney ASAP! You may be entitled to a portiong of these assets and an attorney can help you resolve what you are entitled to in a divorce. This doesn't appear to be a "do-it yourself" case and could end up costing you if you don't retain representation.
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5
Attorney answers:
Chpt. 7 conversion to chpt 13 was approved. Shouldn't I receive the notification date for a court appearance for the 13?
If, in fact your case was approved for conversion, you will need to file a plan, perhaps amendments to schedules AND serve all parties. This is not for the faint of heart- I strongly urge you to consider working with an attorney to put together a viable plan that can be confirmed. The fees for the attorney can be built into the plan . . . I'd be happy to discuss with you. Marco A. Torres, Esq.
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2
Attorney answers:
Property in foreclosure? and I am a tenant
All tenants in buildings foreclosed on after May 20th, 2009, have the following new rights under the “Helping Families Save Their Home Act of 2009”: Tenants with a lease have a right to stay in unit until end of lease, although the lease may be terminated on 90 days’ notice by a purchaser who will occupy the unit as his/her primary residence. Tenants with expiring or month-to-month leases are entitled to a 90 day notice to quit before the new owner is permitted to file an eviction action...
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